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ASIC (Australian) Derivatives Reporting Solution

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Summary of the regulation

The ASIC Derivative Transaction Rules (Reporting) 2013 introduced the requirement for a range of firms to report their derivatives transactions to a trade repository licensed or prescribed by the Australian Securities & Investments Commission (ASIC).

The ASIC regime is very similar to the EMIR reporting regime; both are dual-sided, and both require derivatives from all asset classes to be reported (although ASIC does not require exchange-traded derivatives to be reported, unlike EMIR).

In fact, the two regimes are so similar that ASIC has recognised EMIR as an equivalent regime, which means that non-Australian firms with ASIC reportable transactions may satisfy their reporting requirement by flagging these transactions when submitting to an EMIR trade repository which ASIC deems suitable (these are called “prescribed” trade repositories). In fact, UnaVista is a prescribed trade repository.

Reportable transactions are all those booked or entered into in Australia. The firms with a reporting obligation (broadly speaking) are all Australian firms, foreign subsidiaries of Australian financial entities, and foreign financial entities conducting financial business in Australia. Originally, there was a phased implementation for different categories of reporting firms, but now all firms have started reporting fully. For more information on reporting firms, instruments covered, and the reporting workflow, please refer to the UnaVista ASIC Reporting regulation page.

How UnaVista can help you with ASIC Reporting

UnaVista is a prescribed Trade Repository for ASIC Reporting

As mentioned in the regulation summary, the award-winning UnaVista EMIR Trade Repository is a prescribed trade repository for ASIC reporting. This means that non-Australian firms can use their UnaVista EMIR transaction reports to fulfil their ASIC reporting obligations. Firms need only flag that the transaction is ASIC-reportable, and UnaVista will grant ASIC access to that trade record. This entails an efficient, cost-effective way for non-Australian firms to meet their ASIC reporting obligations.

Australian firms are unable to report to a prescribed trade repository, and are instead required to report to a ASIC-licensed trade repository. For these firms, UnaVista has partnered with the DTCC, an ASIC-licensed trade repository, to submit transaction reports in the requisite format, re-using the majority of the fields required as part of the EMIR reports. The UnaVista G20 Reporting solution can be used to route to the DTCC ASIC trade repository, performing all the requisite transformations and mappings in the process.Firms with reporting obligations in multiple jurisdictions including under ASIC can use the UnaVista G20 Reporting solution to fulfil their reporting obligations under these multiple jurisdictions efficiently, using a single format for reporting.

The UnaVista G20 Reporting solution offers users the following possibilities:

Save resources when conforming to multiple different data requirements. UnaVista offers a reporting format with no more than 150 fields for all asset classes across all reporting jurisdictions.

Maintain a single gateway with UnaVista, for onwards routing to trade/data repositories worldwide

The UnaVista G20 Reporting solution can be today used for reporting under ASIC, EMIR, MAS, the Bank of Israel, FinfraG and other reporting jurisdictions. A highly configurable software solution, it can be deployed alongside our suite of Rules Engine software capabilities to reformat, enrich, and transform data as required should firms require assistance transforming the data into the required format for the destination

UnaVista G20 Reporting Data Flows

Benefit from our regulatory reporting experience

As a highly regulated entity itself, the London Stock Exchange Group already undertakes regulatory reporting on its own behalf. On top of this, we also operate the UK’s largest MiFID ARM, and an award-winning EMIR trade repository. We bring this regulatory expertise to bear in our excellent reputation for compliance, security, and thorough analysis of reporting requirements, resulting in reliable, efficient products and services.Our products don’t just meet regulatory requirements – they exceed them, reducing the risk of incorrect, late or duplicate reporting.

Save the cost of middleware

You can submit reports in any structured format, UnaVista’s advanced technology then ingests the data, displays that data in a unified way for manipulation and then disseminates that information to regulators or counterparties in the desired format. This reduces the need for expensive middleware.

Have a system with smart validation

UnaVista does all the mandatory validation you would expect. But it also validates the data by checking it against the reference data sources you choose, such as ESMA’s list of regulated markets, MiFID eligible securities and the London Stock Exchange’s SEDOL Masterfile where appropriate. UnaVista offers a whole suite of exception management tools to manage records that have failed validation.

Improve your operational processes

You can set different levels of access for individuals or groups, so people only see the information you want them to see. You can also set as many mandatory audit steps as you like. As a result, you’ll know that the right checks are in place. You’ll also have a full audit trail if you need to check back over things at a later date.

Reconciliations - be confident you have been compliant

Regulatory authorities encourage firms to regularly review the integrity of their transaction reporting to ensure they have been successfully submitted. UnaVista assists with this process by enabling firms to reconcile between their own back-office data, the data held by UnaVista and the data held trade repository thus enabling firms reduce regulatory and operational risk.

Know what’s happening in your business at all times

You can receive alerts based on your custom tolerances and thresholds for things like transaction volumes or transaction size. This ensures you are never surprised late or by a problem of which you were unaware.

Get the management information you need

You can use UnaVista to monitor trends within your reporting, helping you identify where errors are recurring. You can use UnaVista to take a snapshot of all your transactions at any time, choose from a variety of report templates, or create your own custom report. You can even include a variety of charts from the customisable dashboards.